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Ethereum co-founder Vitalik Buterin has co-authored a new Ethereum Improvement Proposal, EIP-7702, aiming to revolutionize how Ethereum accounts operate. The proposal addresses shortcomings in the earlier EIP-3074 by enhancing account abstraction.

With a focus on flexibility, quantum resistance, and future compatibility, EIP-7702 wants to make Ethereum accounts act like smart contracts temporarily for single transactions. The upgrade, if approved, will impact Ethereums functionality and security, aligning with future technological advancements and ensuring the platform remains robust against emerging threats.

EIP-7702, a proposal co-authored byEthereumco-founder Vitalik Buterin, aims to make the network accounts more flexible.

The proposal is meant to improve upon an earlier Ethereum Improvement Proposal EIP-3074, by enhancing how Ethereum handles account abstraction. Developers have endorsed EIP-7702 as it aims to make Ethereum accounts more versatile and powerful, enabling them to perform more complex operations more securely and efficiently.

The proposal allows a regular Ethereum account, which normally cant run complex contract code, to act like a smart contract just for the duration of one transaction.

TheEthereumImprovement Proposalintroducesseveral features to enhance the functionality of Ethereum accounts.

Firstly, it enables batching i.e. allowing multiple actions to be executed in a single transaction. The actions can range from token approval to trading, making processes more efficient.

Secondly, it supports sponsorship, where another account can cover the transaction fees. The feature is ideal for applications offering free transactions to its users.

Thirdly, EIP-7702 allows privilege de-escalation by enabling users to set temporary permissions. Privilege de-escalation includes limiting a sub-key to specific functions or spending caps. These features collectively aim to provide the benefits of a complex smart contract wallet temporarily, enhancing the capabilities of an account for advanced uses or specific applications without permanently altering its nature or compromising its security and simplicity.

TheEthereumMagicians forum isdiscussingthe EIP for externally owned accounts (EOAs). Vitalik Buterin and the developers assessing how the proposal can temporarily give smart contract capabilities for single transactions.

The discussion is particularly focused on enhancing the flexibility and security of these accounts through what is known as account abstraction (AA).

They discussed signature reuse across transactions to allow signatures from an Ethereum account to be reused across multiple transactions. The reuse would be controlled by the contract code to ensure checks for signature uniqueness and proper authorization, which could open up more advanced transaction validity conditions likemultisigorpermissionedtransactions.

The developers are also discussing revoking signatures. This means if an account upgrades or changes its contract code, it can ensure that previous signatures dont automatically carry over and authorize actions that are no longer intended. The feature could prevent whats called perpetual signature risks, where old permissions unintentionally remain valid.

Security and compatibility are other concerns, as enabling more complex interactions with an EOA increases the risk of unintended behaviors or exploits. The discussion includes considerations for ensuring that these changes are forward-compatible with potential future changes in Ethereums account models.

EIP-7702 is also endorsed as an alternative proposal toEIP-3074. EIP-3074 hard fork allowed EOAs to delegate control to a contract while EIP-7702 sets a code for one transaction execution.

EIP-3074 allows Ethereum accounts to temporarily delegate their functions to smart contracts, enhancing transaction capabilities but with the risk of creating fragmented systems and future security concerns. EIP-7702 provides similar functionality but avoids creating separate ecosystems and does not introduce new opcodes, making it more adaptable to future changes in how accounts are managed.

Hayden Adams, the founder of the Uniswap protocol, described EIP-7702 as an update aimed at enhancing the Ethereum network security and compatibility. He emphasized its focus on quantum resistance or safeguarding against potential threats posed by future quantum computing technologies. Additionally, Adams notes its integration with other Ethereum Improvement Proposals, such asERC-4337.

The 4337 standard makes Ethereum user accounts more advanced and flexible without needing to change the core Ethereum software. Instead of altering Ethereums foundational code, ERC-4337 introduces a system that operates on a higher layer.

The ERC-4337 teamreportedlyviews their approach as the definitive framework for account abstraction, emphasizing a system that maintains Ethereums censorship resistance. They believe its crucial to prioritize the censorship resistance aspect even at the expense of user experience enhancements.

Conversely, the EIP-3074 team advocates for their proposal as one of many potential solutions to improve user experience rather than enhancing censorship resistance. They argue that Ethereum already possesses sufficient resistance to censorship and that improving the user interface should not be delayed for the sake of further resistance enhancements.

A former core developer forEthereumnoted that EIP-7702 is a solid improvement over EIP-3074 because it eliminates complex signing requirements.

The developer also emphasized the need to work on a migration strategy away from vulnerable cryptographic methods to ensure future security and sustainability in the face of quantum computing advancements.

Vitalik Buterinhas said that he has been proactively addressing the challenges posed by quantum computing to Ethereums security. He mentioned that he has developed codes for quantum-resistant account abstracted wallets, indicating an early effort to fortify Ethereum against potential quantum threats.

In his explanation, Vitalik emphasizes the importance of recursiveSTARKs(Scalable Transparent ARguments of Knowledge) as a foundational technology for building quantum-resistant systems. STARKs are cryptographic proofs that are scalable and transparent, and they do not require a trusted setup.

According to Vitalik, the best strategies for quantum-proofing Ethereum rely heavily on advancements in STARK technology. He advocates for continuous development of efficient STARK protocols as this will be critical for integrating quantum-resistant measures into the broader Ethereum protocol.

EIP-7702 is a step forward in Ethereum development which has received endorsement from several core developers.

The EIPs temporary adoption of smart contract functionalities proposes a solution that enhances user experience without compromising the networks integrity. Additionally, the proposal addresses security concerns and integration issues with future technological developments.

If approved, the EIP could be a positive forEthereumssecurity and user experience.

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Ethereum Developers Endorse Quantum Resistance, Enhanced Flexibility, and Forward Compatibility in Vitalik ... - CCN.com